Gas Engine Market Size & Insights
According to MarkNtel Advisors study The future of Global Gas Engine Market size was valued at around USD 5.02 billion in 2023 and is projected to reach around USD 7.2 billion by 2030. The market is also estimated to grow at a CAGR of around 5.35% during the forecast period, i.e., 2024-30.
What are the Key Driver in the Gas Engine Market?
Increasing Need for Efficient & Effective Energy Sources Driving Market Growth – The high energy density of natural gas and significantly low carbon emissions, when compared to the commonly used diesel engines, have been the main driving force behind integrating gas engines across the globe. The gas engines are actively installed at CHP plants, decentralized energy systems, etc., in line with the engine’s ability to give more energy efficiency, low noise pollution, and economical fuel and maintenance costs. Also, the capability of gas engines to switch easily and quickly to other fuels such as biogas, landfill gas, coal gas, etc., from natural gas is considered a crucial advantage in areas where a low amount of power is to be generated such as during peak-shaving, stabilizing the grid, amongst others.
In addition, many end-users primarily manufacturing units attain their sustainability goals without any compromise on the production process and output, by establishing waste to heat and power plants at their facilities. Innio’s Jenbacher gas engines have been providing sustainable solutions to many organizations around the world. From 2011 up to 2023, Innio through its distributor Clarke Energy has provided gas engine solutions for converting waste to heat and power to BioTown Biogas in the US, with total electric output amounting to approximately 7.7MW. The growing level of waste generation and the need for electricity at manufacturing sites help the revenue growth of the Global Gas Engine Market.
What are the Key Segments in the Gas Engine Market?
The Gas Engine is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
- By Fuel Type
- Natural Gas- Market Size & Forecast 2019-2030, (USD Million)
- Biogas- Market Size & Forecast 2019-2030, (USD Million)
- Other Special Gases- Market Size & Forecast 2019-2030, (USD Million)
- Hybrid- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output
- Upto 1 MW- Market Size & Forecast 2019-2030, (USD Million)
- 1.1-5 MW- Market Size & Forecast 2019-2030, (USD Million)
- 5.1-10 MW- Market Size & Forecast 2019-2030, (USD Million)
- 10.1-20 MW- Market Size & Forecast 2019-2030, (USD Million)
- Above 20 MW- Market Size & Forecast 2019-2030, (USD Million)
- By Application
- Power Generation- Market Size & Forecast 2019-2030, (USD Million)
- Grid Balancing- Market Size & Forecast 2019-2030, (USD Million)
- Heat Generation- Market Size & Forecast 2019-2030, (USD Million)
- Industrial- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
- By End-Use Industry
- Power Utilities- Market Size & Forecast 2019-2030, (USD Million)
- Manufacturing- Market Size & Forecast 2019-2030, (USD Million)
- Combined Heat & Power- Market Size & Forecast 2019-2030, (USD Million)
- Marine- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
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How does geographical analysis highlight in the Gas Engine market?
- By Region
-
- North America
- South America
- Europe
- Middle East and Africa
- Asia Pacific
Who are the Key Players in Gas Engine Market?
Wartsila, Cummins Inc., Caterpillar, Rolls-Royce Holdings, MAN Energy Solutions, Siemens Energy, Mitsubishi Heavy Industries, Ltd., Innio, Hyundai Heavy Industries Co., Ltd., Scania CV AB, Kawasaki Heavy Industries, Ltd., Ningbo C.S.I. Power & Machinery Group Co., Ltd., IHI Corporation, JFE Engineering Corporation, Liebherr Group, and others
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Gas Engine Market News
2024: Innio Group announced to deliver five Jenbacher gas engines to PGE Energia Ciepła’s (Polish Utility Company) for their CHP plant with a total power generating capacity of nearly 52.6 MWe.
2024: MAN Energy Solutions reported that it will provide Turkey-based Karpowership with 48 dual fuel engines for Karpowership’s fleet of power plant ships, with a total mechanical output of about 20.7 MW each.
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- Scope & Research Design – Clearly defined objectives with tailored qualitative and quantitative methods, backed by precise timelines and budgets.
- Sample Selection & Data Collection – Representative samples achieved through proven techniques like random and stratified sampling, supported by reliable tools such as surveys, interviews, and observations.
- Data Analysis & Validation – Rigorous cleaning, advanced statistical modeling, and thematic analysis ensure accuracy, reliability, and minimal bias.
- Forecasting & Finalization – Predictive modeling and time-series analysis anticipate future market behaviors, presented through insightful reports with charts, graphs, and strategic recommendations.
“Our methodology reflects the trust businesses place in us. By combining innovation with precision, we deliver not just numbers, but clarity and direction for decision-makers worldwide,” said a spokesperson for MarkNtel Advisors.
Why This MarkNtel Advisors Research Report:
- In-depth Market Analysis: Understand trends and dynamics shaping growth.
- Segmented Insights: Target specific segments for focused strategies.
- Geographical Performance: Assess market opportunities by geographic area.
- Emerging Technologies: Discover advancements like AI integration.
- Risk Identification: Pinpoint challenges to inform strategic planning.
- Future Forecasts: Prepare for market changes with actionable projections.
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